Back in 2014, Hong Kong-based Imperial Pacific International (IPI) unveiled ambitious plans to pour as much as $7 billion into developing a 4,000-room luxury casino resort on Saipan, part of the US Commonwealth of the Northern Mariana Islands.
Fast forward to last week, the project’s centerpiece—Imperial Pacific Palace—was sold at a bankruptcy auction for just $13 million to Team King Investment (CNMI) LLC.
The casino first opened its doors in 2016 and quickly became a revenue powerhouse. For a brief period, its VIP operations ranked among the most lucrative in the world, surpassing even top venues in Macau and Las Vegas in per-table turnover. In 2017 alone, the property reported a staggering $49.5 billion in VIP betting volume across an average of just 18 tables.
IPI: A reputation for shady dealings
During its short-lived operation, Imperial Pacific Palace was plagued by scandals ranging from allegations of money laundering and unpaid debts to reports of forced labor. In 2020, the US Department of Labor ordered the company to pay $5.4 million in compensation to workers who said they endured grueling 24-hour shifts for little or no wages.
The troubles didn’t stop there. IPI repeatedly failed to pay contractors and fell behind on licensing and other obligations to the Commonwealth of the Northern Mariana Islands. Adding to its woes, US gaming veteran Joshua Gray sued the company for discriminatory hiring and retaliation, securing a $5 million judgment.
The resort shut down in March 2020 at the onset of the Covid-19 pandemic, even before its completion. By April 2024, with $165.8 million in debt, IPI filed for Chapter 11 bankruptcy in hopes of reorganizing and reviving the casino. But as attorney Chuck Choi noted at the time, the once-luxurious beachfront property—left unfinished and exposed to the elements—was steadily falling into decay.
What’s next for property in decline?
Marianas Variety reported that Team King’s bid was initially approved back in February, despite objections from creditors who noted that some of the company’s executives were previously linked to IPI. The case was further stalled by a dispute between IPI and the Department of Public Lands over a ground lease covering 19,204 square meters.
The future of Imperial Pacific Palace remains uncertain. Once a playground for high-rollers, the resort dazzled guests with marble floors and a 60-meter, 40-ton gold-and-crystal dragon sculpture. Experts estimate that restoring and completing the unfinished Garapan property would require an additional $150 million investment.
